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China's biggest banks face a daunting task in meeting new global standards designed to prevent taxpayer bailouts of lenders, as their reliance on deposit funding — ordinarily considered a source of strength — puts them at a disadvantage.
中国几家大银行面临着一项艰巨的任务——要满足旨在防止靠纳税人救助银行的全球新标准，而依赖存款获得融资（正常情况下被视为一种优势）使它们处于不利境地。
The Financial Stability Board, which makes policy recommendations to the Group of 20 large economies, on Monday confirmed its final proposals for requiring global banks to hold a special debt known as Total Loss Absorbing Capacity (TLAC).
金融稳定委员会(FSB)负责向20国集团(G20)大型经济体提供政策建议。本周一，该委员会证实向全球性银行提出了最终建议，要求它们持有一种名为“总损失吸收能力”(TLAC)的特别债务。
The aim is to make the biggest lenders resilient enough to weather economic or financial turmoil without spreading contagion to the broader financial system and to avoid future government bailouts. The requirements are part a broad suite of global reforms enacted in the wake of the 2008 financial crisis.
此举旨在使大型银行具有足够大的弹性，可以安然度过经济或金融危机、而不致把自己的问题蔓延至整个金融体系，并使自己未来不需要政府的救助。这一要求是2008年金融危机之后启动的一整套全球改革措施的一部分。
Three Chinese banks are on the hook for nearly one-third of the ㄠ.1tn in additional loss-absorbing debt that the FSB estimates the 30 global systemically important banks (G-Sib) need to raise to satisfy the TLAC requirement. Bank of China, Agricultural Bank of China, and Industrial and Commercial Bank of China are together short 355bn, according to board estimates.
据金融稳定委员会估算，30家全球系统重要性银行(G-Sib)需要额外筹集1.1万亿欧元的损失吸收债务，才能满足TLAC要求。中国三家银行占到上述债务总额的近三分之一。据该委员会估算，中国银行(BoC)、中国农行(ABC)和中国工行(ICBC)需筹集的债务总额达到3550亿欧元。
That compares to Rmb7tn (ㄠ.02tn) in total China bank bonds outstanding domestically and offshore, according to Daiwa Capital Markets. A fourth Chinese bank, China Construction Bank, which was added to the G-Sib list earlier this month, may also have to issue additional debt.
大和资本市场(Daiwa Capital Markets)表示，相比之下，中国银行业在国内外的未清偿债券总额达7万亿元人民币（约合1.02万亿欧元）。作为本月初加入全球系统重要性银行之列的中国第4家银行，中国建行(CCB)或许也必须额外发行债务。
Emerging-market lenders were previously exempted from the TLAC requirements, a move widely seen as a sop to China. The FSB ended that exemption on Monday amid criticism that it undermined the principle of a global level playing field.
以往，新兴市场的银行不必满足TLAC要求，这被普遍认为是对中国的一种特别照顾。本周一，金融稳定委员会终止了新兴市场被豁免的局面，因为有批评意见称，这样破坏了全球公平竞争的原则。
Developed-market banks have until 2022 to meet the full requirement for TLAC worth 18 per cent of risk-weighted assets and a leverage ratio of 6.75 per cent of total assets.
到2022年，发达市场的银行必须完全满足TLAC达到风险加权资产的18%，杠杆率达到总资产的6.75%的要求。
The Chinese banks have until 2028, though the deadline will be moved forward if China's corporate bond market expands to 55 per cent of GDP — it is currently 30-35 per cent — making it easier for Chinese lenders to sell TLAC debt.
中国的银行达标的截止期限是2028年，不过，如果中国公司债市场规模升至相当于GDP的55%的话（目前为30%至35%），那将更便于中国的银行发行TLAC债务，截止期限将被相应提前。
“If the local corporate bond market develops more rapidly than we now anticipate... will be an earlier implementation,” said Svein Andresen, secretary-general of the FSB, at a briefing in Basel. “China and other emerging market economies are all in the process of developing their corporate debt markets, into which these banks would need to begin to issue TLAC eligible liabilities,” he added.
“如果中国债市的发展速度比我们现在预测的快……那么我们将把中国满足TLAC要求的时间提前，”金融稳定委员会秘书长斯韦恩褠德森(Svein Andresen)在巴塞尔的一次情况通报中表示，“中国和其他新兴市场经济都在发展各自的公司债市场，中国几大银行将需要开始在公司债市场发行符合TLAC要求的债务，”他补充道。
The TLAC requirement comes on top of new fundraising that Chinese banks need to comply with the post-crisis banking reforms known as Basel III. China's implementation of Basel III requires its four big domestic banks to have top quality capital equal to 11.5 per cent of their assets, adjusted for risk, by the end of 2018.
除了满足TLAC的要求外，中国的银行首先必须实施新一轮融资，以符合《巴塞尔协议III》(Basel III)危机后银行业改革方案的要求。中国如果要落实Basel III，就得要求中国四大行在2018年底前，使高质量资本金对总资产的比例达到11.5%（经风险调整）。
Chinese lenders have sold $58bn of capital bonds since 2013 to meet the Basel requirements, according to Dealogic, with more issuance expected.
Dealogic数据显示，为了满足Basel III的要求，中国的银行自2013年以来已发售了580亿美元的资本债券，预计未来还将发行更多此类债券。
The TLAC requirement hits Chinese banks especially hard due to their reliance on customer deposits. Western banks, by contrast, draw a much larger share of their funding from selling bonds.
由于中国的银行依靠客户存款，TLAC要求对它们的影响尤为严重。相比之下，西方银行通过发行债券获得融资的比例要高得多。
Unlike deposits, bonds can count toward TLAC requirements, so long as their legal documents include "bail in" provisions that impose losses on investors if the bank gets into trouble. Senior debt is already a major component of western banks' funding mix but is not commonly used in China.
跟存款不同的是，债券会被计入TLAC要求的范围内——只要债券的法律文件中包含有“自救”条款——规定当银行陷入困境时，损失必须要由投资者承担。优先债已经是西方银行融资渠道的一个主要组成部分，但这种做法在中国并不普遍。
The Chinese banks benefit in other way from their reliance on deposits. The "net stable funding ratio" — another component of Basel III designed to prevent overreliance on wholesale funding that can quickly evaporate during periods of market stress — treats deposits as a better funding source than bonds.
中国的银行对存款的依赖，在其他方面会让自身受益。净稳定融资比率(net-stable funding ratio)把存款视为一种优于债券的融资途径。该比率是Basel III的另一个组成部分，旨在防止对批发融资的过度依赖——在危机时刻，批发融资可能迅速蒸发。
But for the purposes of avoiding taxpayer bailouts, deposits are far less useful than bonds. While bond holders can be forced to take losses, most retail deposits are government insured so imposing losses on them would still leave taxpayers on the hook.
但在避免由纳税人实施纾困方面，存款远没有债券发挥的用处大。尽管债券持有者可能会被迫承受损失，但大多数零售存款具有政府的担保，所以把亏损强加给零售存款，仍将让纳税人蒙受损失。
Some analysts worry that the TLAC rules may actually weaken Chinese bank balance sheets.
一些分析师担心，TLAC规则实际上可能会削弱中国各银行的资产负债表。
“If Chinese banks have to make a big shift in their funding base for TLAC reasons, this could undermine one of their key strengths,” says Qiao Liang, senior director for financial institutions ratings at Standard & Poor’s in Beijing.
标准普尔(Standard & Poor's)金融机构评级资深董事廖强在北京表示：“如果中国各大银行因TLAC而必须要对资金基础作出重大调整，那可能反而会削弱它们的主要优势之一。”
China's bond market has grown rapidly in recent years but remains smaller and less liquid than those in developed markets, creating a challenge for Chinese banks looking to boost their TLAC with more senior debt.
中国债券市场近几年发展迅速，但在规模和流动性上仍比不上发达市场，这对想要以更多优先债务提高其TLAC的中国各银行来说是一大挑战。
A more fundamental issue is whether the TLAC framework makes sense at all for the big, state-owned Chinese banks. James Antos, Asia banks analyst at Mizuho Securities, says that for state-owned banks, the TLAC requirements actually impose more risk on taxpayers.
更根本的问题是，对于中国的大型国有银行而言，TLAC框架是否完全合理？瑞穗证券(Mizuho Securities)亚洲银行业分析师詹姆斯褠塛斯(James Antos)表示，对于中国的国有银行来说，TLAC的要求其实将更多风险施加到纳税人身上。
"TLAC is supposed to avoid using public funds to bail out banks. But if the government owns the banks in the first place, public funds will by definition be used. They get the burden of more debt than they need but the public does not get protection in a crisis because the public owns the banks.”
“TLAC按理应避免使用公共资金去救助银行。但假如银行本身就是属于政府的，公共资金当然会被动用。银行背负了超出需要的过多债务，但遇到危机时公众无法得到保护，因为银行归公众所有。”
